According to the International Energy Agency (IEA) report, photovoltaic manufacturing capacity led by China is expected to more than double by 2024, but there will also be an oversupply.

Global solar PV manufacturing capacity will nearly double to nearly 1 TW next year, the IEA said. The expansion would be sufficient to meet the agency's annual net-zero carbon requirements through 2050, which forecast PV deployments to reach nearly 650 GW in 2030 and nearly 310 GW in 2024.

In 2022, global photovoltaic manufacturing capacity will increase by more than 70%, reaching nearly 450 GW, of which China accounts for more than 95% of the new capacity in the entire supply chain. Global PV manufacturing capacity is expected to double in 2023 and 2024, with China again accounting for more than 90% of the increase.

Chinese manufacturers are investing in expanding wafer, cell and module manufacturing in Southeast Asia. In addition, affected by the new industrial policy introduced last year, India and the United States are also expected to deploy manufacturing plants.

India's Production Linked Incentive (PLI) program and the U.S.' Inflation Reduction Act (IRA) have led to a surge in new solar manufacturing projects, with more than 120% of such projects announced between November 2022 and May 2023, and are expected to A national supply chain with a production capacity of more than 20 GW has been formed in these two countries.